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Bulls party The bulls were partying today as they were in total control today right from the opening bell. The main indices reacted positively to the fall in inflation numbers and witnessed a sharp run up despite slow down in Q1 GDP growth. Gross Domestic Product (GDP) growth has declined to 7.9% in the first quarter as against 9.2% in same period of last year and 8.8% in previous quarter. These numbers were not a big disappointment for markets as they were in line with analysts' expectations and seemed like already factored in by markets While the Sensex rose by 516.19 points or 3.67% to close at 14,564.53, the Nifty gained 146pts or 3.46% to close at 4360.0. The broad market indices too ended higher as the BSE Midcap and BSE Smallcap indices rose by 2.38% and 1.61% respectively. Market breadth was positive as A/D ratio was 2.34:1 on the BSE. Turnover on the NSE for Friday was Rs.10,627crs. Vs. Rs.13,071 crs. on Thursday. All the sectoral indices ended higher. The top gainers were the Bankex, Realty, Metals, Power and Capital goods indices. The indices that gained the least were the Healthcare, FMCG and Auto indices. Not a single stock in Sensex 30 ended in red while the top gainers were SBI, Rel infra, ICICI Bk and Tata Motors. The markets seem to have entered into a new uptrend as the Nifty found support at the 4200 levels and closed strongly above the 4350 resistances. The coming week could therefore see the rally continuing and probably testing the 4500-4600 levels on the Nifty. We recommend a selective buying approach. Banking stocks in particular are showing a lot of strength. http://india-investor.blogspot.com/ -- Posted By Ronald Chisley to Investor Forums at 8/31/2008 02:29:00 PM --~--~---------~--~----~------------~-------~--~----~ Logon at – http://investorline.co.in/blogs/news Learning Center- http://investorline.co.in/blogs/learning Mutual funds - http://investorline.co.in/blogs/mutualfunds Life Insurance - http://investorline.co.in/blogs/lifeinsurance Investor Journal - http://investorline.co.in/blogs/investor Latest News - http://investorline.co.in/blogger/?q=aggregator/categories/ Create your own Forum & Blog at - http://investorline.co.in/blogger To post to this group, send email to [email protected] Visit this group at-http://groups.google.com/group/investor-forums?hl=en -~----------~----~----~----~------~----~------~--~---
